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Cardano Sees 7% Growth in Unique Addresses, With More Than 1 Million Currently Staking ADA

Wed, 12/08/2021 - 16:05
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Tomiwabold Olajide
According to data from Staking Rewards, the number of unique addresses currently staking ADA has increased by roughly 7% in the last 30 days
Cardano Sees 7% Growth in Unique Addresses, With More Than 1 Million Currently Staking ADA
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According to Staking rewards data, unique addresses currently staking ADA have grown nearly 7% in the last 30 days. The recent growth matches the 1 million milestone reached in the number of staking addresses.

According to the Cardano tracking website pool.pm, there are currently 1,008,241 wallets staking the coin, with 71.4% staked.

Cardano Stakers

ADA Stakers, Courtesy: stakingrewards.com

Cardano continues to gain traction, with new features and capabilities being added to the blockchain regularly. The Ouroboros algorithm is used in Cardano's decentralized setup to achieve proof-of-stake consensus. At the center of it all are 3,100 stake pools managed by operators who are in charge of the network's distributed nodes.

IOHK, Cardano's parent company has announced the kickoff of a new initiative to support its ongoing drive toward full decentralization with the launch of a new peer-to-peer (P2P) testnet.

The price of ADA soared to an all-time high of $3.09 in September, just days before the Alonzo hard fork, which introduces smart contracts to the network and allows it to compete with the likes of Binance Smart Chain, Ethereum and Solana.

According to CoinGecko data, Cardano (ADA) is up 820% on a yearly basis having started off the year 2021 at barely $0.18. The price of ADA trades at $1.41 at press time.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.